Min Hee-jin vs HYBE: Legal Battle Over Management Rights Intensifies
The management rights dispute between HYBE and Min Hee-jin, CEO of Ador, has escalated into a legal battle.
Min has filed an application for an injunction to prohibit HYBE from exercising voting rights at the extraordinary shareholders' meeting requested by HYBE.
Ador stated that Min filed the application against HYBE at the Seoul Central District Court on May 7th.
HYBE had previously requested to convene an extraordinary shareholders' meeting to dismiss Min as CEO and executive director, which violates the shareholders' agreement with Min.
HYBE accused Min of embezzlement and filed a complaint against her.
Ador did not respond to the request for an extraordinary shareholders' meeting, leading HYBE to seek court permission.
In response, Ador filed an application for an injunction to prohibit HYBE from exercising voting rights.
Ador plans to hold a board meeting on May 10th to discuss convening an extraordinary shareholders' meeting.
If the board decides to convene the meeting, it is expected to be held on May 27th at the earliest.
As HYBE holds an 80% stake in Ador, the injunction seeks to prevent HYBE from exercising voting rights at the meeting.
Min maintains that HYBE's embezzlement allegations are groundless and filed the injunction to protect the value of Ador's artist (NewJeans) and the company. She has no intention to resign as CEO.
The police stated they will swiftly investigate the embezzlement case filed by HYBE against Min.
Meanwhile, NewJeans, Ador's only artist, is set to make a comeback on May 24th with a double single.
